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Wednesday, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
 On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recorded year-high levels that week with the daily average for Capesize reaching $38,014, for Panamax 76k $ 18,116 and for Supramax $15,233.
Healthy earnings like that was exactly what was needed as the 1st half of 2019 was really bad but the SnP market failed to see increased interest for inspections of available ships and activity was kept rather low compared to what someone would expect given the spot rates at the time.
Instead of accepting offers below their expectations, most Sellers were thinking that it would be better to keep the ship and fix on period instead. And it was a valid argument since fixing on period really made sense as rates back then could cover opex, bank repayments and still allow for a good profit. As appetite for second-hand tonnage was limited, it failed to ignite competition among prospective Buyers and restricted asset values from appreciating as a result.
So the reason why we didn’t see SnP prices going up was because Buyers were reluctant to become bullish for the long run. The fact that the market was coming from a very bad 1st half of 2019 together with the low levels (far below September’s highs) FFAs for q1 –q2 2020 were indicating, scared off many Buyers and consequently denied premiums on values.
Something that no-one could predict back then was what would the effect of IMO 2020 bunkers regulation would be. The regulation that was enforced on 1st of January drove at some point the price of the new fuel to double the old fuel price (350usd/tone Vs 700usd/ton). This was at a time when the market had already corrected from the highs of September 2019 down to the 976 points (2nd of January 2020) and with the Chinese holidays just around the corner, sentiment for the first quarter of the year was already soft as soon as January kicked off and without the coronavirus dramatic spread news having hit headlines yet at that point.
Capes were the ones affected the most, with the Baltic Capesize Index turning negative for the first time ever, pushing the BDI to the lowest point for 2020 on 10th of February (411 points).
The SnP market inevitably has been affected with relatively few sales reported for ships less than 10 years old. In the Kamsarmax sector, the M/V OLYMPIC GALAXY (81K 2009 Japan)-BWTS fitted) was sold last week for USD 13,5m to Greek buyers, which represents a discount from the USD 15,65m that the M/V KM TOKYO (83K 2010 Japan) fetched in November 2019. Furthermore the M/V MEDI HONG KONG (82K 2006 Japan) was sold to Qatari buyers for USD 9,25m, whereas in September 2019 the M/V YASA NESLIHAN (82K 2005 Japan) was sold for USD 11,5m.
Despite the discounts recorded, there are not so many candidates available for sale at levels showing that Owners are willing to face last dones, with many Sellers anticipating that the market will recover sooner rather than later. Indeed, we have been seeing a positive correction for Panamax/Kamsarmax rates lately, while it remains to be seen if and when the Capesize market, which still witnesses a negative BCI, will recover.
By Costas Hardalis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Mjunction Services Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- The University of Queensland
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
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